Eddie McDaid - Galenband,
Convenient and reliable detection of heart rhythm abnormalities.
What problem are you solving and what is innovative about your approach?
Atrial fibrillation (AFib) is the most common heart rhythm abnormality, affecting 33.5 million individuals globally and is responsible for 370,000 deaths per year. AFib is responsible for 20% of all strokes and sufferers incur a 5x increased risk of stroke.
AFib is notoriously difficult to detect using current wearable ECG monitoring methods due to their low recording durations, and unsuitability for use during everyday activities.
Galenband has developed a revolutionary heart monitoring system capable of increasing detection rates of ‘Silent Atrial Fibrillation’ from the 1.3% associated with current standard monitoring methods to 85%. This is achieved via Galenband’s unobtrusive wrist worn device which records heart activity continuously for up to 90 days.
The Galenband solution includes an AI-driven analytical platform capable of automatically detecting silent atrial fibrillation in Galenband wristband recordings. Galenband will offer a disruptive, screening service, for long-term, continuous cardiac rhythm monitoring resulting in improved patient outcomes, through early intervention to reduce risk of stroke.
How is this idea commercially attractive?
In addition to the 33 million existing AFib sufferers globally, 500,000 individuals are diagnosed annually, with a projected 1 million people developing the condition but remaining undiagnosed. The underperformance of wearable ECG monitors in the diagnosis of heart rhythm abnormalities is a significant contributor to stroke. As a consequence, there is an nascent trend-shift away from ECG and towards pulse oximetry for long-term continuous heart rhythm monitoring. Galenband is ideally positioned to play a leading role in this market transformation with unique IP, pending patent protection, and a disruptive business model which will deliver profitable growth.
The total addressable market for AFib monitoring in the US and Europe is €765 million, with a CAGR of 15.6% (2018-2026). Galenband has established a clear, and highly scalable, route to market and our clinician-oriented business model is highly differentiated - delivering step-change improvements in the number of patients clinicans can screen, as well as up to 85% success rate in AFib identification.
By increasing the detection rates of silent atrial fibrillation, Galenband can contribute to a decrease in the incidence of stroke, representing significant cost-saving potential for healthcare payers, and above all providing much improved health outcomes for AFib patients and their families.
What do you hope to achieve by participating in Big Ideas?
Galenband is working to position itself at the forefront of pulse oximetry-based heart rhythm monitoring. Big Ideas provides an invaluable opportunity to enhance our profile and expand our network of partners. Galenband is seeking to connect with potential strategic investors as we progress towards clinical trials and spin-out from NUI Galway in 2021.